Excerpt from Crain’s New York Business quoting DataTrek’s Nick Colas:
…. “Uber backers may be engaging in the same sort of wishful thinking when they compare the company to a young Amazon. It’s true the e-tailer ran at a loss for its first eight years—just like Uber has—but even in 2000, its most unprofitable year, the shopping colossus’ net loss was less than half as much as Uber’s operating loss last year. Nor did Amazon burn through cash at anything like the rate Uber does. Amazon chewed up $134 million before turning profitable in 2003, according to DataTrek Research, while Uber consumed $1.5 billion last year alone.
“On the numbers and the facts, Uber is very different from Amazon,” DataTrek co-founder Nicholas Colas said in a recent report”….
Read the full article here on Crain’s NY!